(iv). Defined Corpus (Balyan Device): Pension was not worked out by PRBS Trust but decided by LIC during January 1996 to 31.3.2007. This secret device was not made public. It became known through inadvertent exposure by E.O. PRBS in 2008.

(v). Dubious regularization of “Defined Corpus” under MOU of 9.4.2007 in indirect method:

“1. PRBS benefit will be extended in term of MOUs dated 03.02.1998 and 19.07.1998 as “Defined Pension Scheme”.

“ONGC and the employees are committed to provide necessary support to the “Trust” to ensure pensionery benefits to all the beneficiaries as per “Defined Pension Scheme” as modified vide this MOU”.

“12. The revised scheme shall be applicable to all employees based on this MOU. This MOU shall be rendered null & void if any of the clauses are modified at a later date without taking ASTO into confidence.”

Friends, is it not a Criminal Conspiracy of cheating employees who placed their faith in the Managing Trustee(s) ?

3. Managing Trustee of PRBS Trust has furnished Affidavits, on oath, that PRBS Trust is a Private Trust and that this Trust was neither a State nor an Instrumentality of State. Such affidavits are filed on behalf of CMD, ONGC.

Q.3. Did the CMD of ONGC ever approve of such contention ?

3.1. Factual Position: Hon’ble Courts have held that ONGC is controlled by the Govt. and all Trustees are employees of ONGC. Hence ONGC PRBS Trust is a State. Court did not take cognigence of Misleading Information to punish the concerned executive.

4. Para 32 of Rules-1991 provides “Power to Amend the Rules” but there is no Provision to amend the Scheme. Para 31.2. of Rules provides that if there is contradiction between Rules and the Scheme, Provisions of the Scheme will prevail. Trust ignored this.

About Me

Born at Baramula (Kashmir), India. Subsequent to retirement from ONGC as Manager (HR), settled at Ahmedabad. Associated with Art of Living Foundation as Sewacharya under its "Divya Samaj Ka Nirman (D.S.N.)" Programme. Hobbies: theater, reading, writing and knowledge-sharing.